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Life and Health Insurance Producer Exam

Annuities (OK): practice questions

Our Life & Health Insurance bank has 4 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Oklahoma

Under Oklahoma's annuity rule, what must the producer disclose to the consumer before recommending or selling an annuity?

  1. A comparison of the annuity with mutual funds and CDs sold by competing firms
  2. The exact dollar commission on every annuity offered by each insurer the producer represents
  3. The producer's role, the products and insurers the producer may sell, and how the producer is paid
  4. The producer's own investment holdings and the returns earned on them over the past five years
Show the answer

C. The producer's role, the products and insurers the producer may sell, and how the producer is paid — OAC 365:25-17-7(a)(2)(A).

Question 2 · Oklahoma

Before an Oklahoma producer with a newly issued life line may sell annuities, what training is required?

  1. A 24-hour annuity designation program with a proctored final exam
  2. An 8-hour course followed by 4 hours of training every 2 years
  3. No training; the life line of authority alone suffices
  4. A one-time annuity training course of at least 4 credit hours
Show the answer

D. A one-time annuity training course of at least 4 credit hours — OAC 365:25-17-7.1(b), (b)(1)-(2).

Question 3 · Oklahoma

In an annuity exchange or replacement, Oklahoma's best interest rule requires the producer to consider whether the consumer had another exchange or replacement within the preceding

  1. 60 months
  2. 1 year
  3. Two years
  4. Thirty-six months
Show the answer

A. 60 months — OAC 365:25-17-7(a)(1)(J)(iii).

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